2014-02-25 Planning & Organisation Committee Meeting Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                               25 FEBRUARY 2014


ORGANISATIONAL SERVICES DEPARTMENT REPORTS

Financial Services

5.    FINANCIAL PERFORMANCE - JANUARY 2014

Author            Coordinator Financial Services, Wayne Jensen
                  Organisational Services

Index             ECM / Subject: Financial Management / Accounting - Monthly Exception
                  Report

Attachments       1.   Statement of Comprehensive Income
                  2.   Capital Works Schedule



PURPOSE

The purpose of this report is to inform Council of the financial performance for January 2014.

EXECUTIVE SUMMARY

The financial position as at 31 January 2014 is generally in accordance with original forecasts.
The cash position of Council improved over the period from $32 million (preliminary transfer of
cash from Sunshine Coast Council) up to $39.1 million.

The operating result for the period was a surplus of $26,384,041 against an original forecast of
$25,168,964, with the variance generally associated with the transition of utility and leasing
charges from Sunshine Coast Council and employment costs.

RECOMMENDATION

That Council note the Financial Performance report for January 2014 from the Coordinator
Financial Services to the Planning & Organisation Committee dated 25 February 2014.



BACKGROUND INFORMATION

Following the separation from Sunshine Coast Council, January 2014 represents the first month
of operations for Noosa Council. It is noted that this cannot be considered to be a “normal”
month, as staff were returning from leave and business areas were restructured as part of the
transition.

It is noted that at the time of writing this report, the final opening balance position for assets and
liabilities transferred from Sunshine Coast Council had not been determined or agreed. As such,
no balance sheet can be provided at this time.

Further, the statement of comprehensive income (operating statement) presented is compared
with the originally adopted budget, and it is too early in the life of Council with the currently
changing business delivery model, to undertake a detailed comparison of costs against previous
levels of operation.




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